With hysteria over the Madoff scandal reaching such a peak that senior private bankers were forced, last week, to deny rumours they had hired bodyguards to protect them from murderous clients, it feels like time for a little scepticism.

Not only may the alleged fraud be significantly smaller than the $50bn claimed, the threat to the reputations of those who invested in the fund is almost certainly overblown. Disappointment and anger are appropriate, but no one should lose their life over this: the suicide of a French financier and alleged threats to the lives of others are sad and unnecessary.